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HONG KONG LEGISLATIVE COUNCIL ——— 12 July 1989
香港立法局
一九八九年七月十二日
37
their wealth could be investigated and confiscated if the court sees fit. We call upon the private sector including the banking and professional sector to support this effort in our fight against drug trafficking.
With these remarks, Sir, I support the motion.
MR. LI: Sir, when enacted, the Drug Trafficking (Recovery of Proceeds) Bill 1989 will be a powerful weapon in Hong Kong's fight against crime and, in particular, against the drug trade. Hong Kong must use every legitimate method at its disposal to stamp out this evil trade.
The financial sector recognizes that it has a crucial role to play in the war against drug trafficking, and it welcomes the principle behind the Bill we are now debating. Financial institutions in Hong Kong are already doing their utmost to assist law enforcement agencies in this fight, and are prepared to co- operate fully with the authorities.
The banks of Hong Kong, through the Hong Kong Association of Banks, have made submissions and representations on this Bill to the Legislative Council and the Government. The present version of the Bill is a significant improvement on the original draft. For such an important subject, it is vital to draft legislation that will be effective and effective legislation is legislation which adequately reflects the specific operational conditions of Hong Kong.
As far as the financial industry is concerned, the most significant change in the Bill has been in section 25. In determining whether a transaction should be reported, the wording "having reasonable cause to believe" was substituted for a mere "suspicion".
While it would be better if the standard of judgment in section 25 were tightened further by using a more definitive word "belief", the new phrasing does provide a measure of protection to banks and their employees. It should, therefore, help to put implementation of this legislation on a firmer footing.
However, the financial industry still has a number of objections to the Bill, which the Government, most regrettably, has adamantly refused to alter. The three areas are of particular importance.
First, the Bill as now drafted contains no specific defences for bank employees, compliance officers and banks which operate in good faith. While